IRIS Accounts Production v23.4.0.336 03565452 Board of Directors 1.6.22 31.5.23 31.5.23 false true false false false true false Ordinary 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh035654522022-05-31035654522023-05-31035654522022-06-012023-05-31035654522021-05-31035654522021-06-012022-05-31035654522022-05-3103565452ns15:EnglandWales2022-06-012023-05-3103565452ns14:PoundSterling2022-06-012023-05-3103565452ns10:Director12022-06-012023-05-3103565452ns10:PrivateLimitedCompanyLtd2022-06-012023-05-3103565452ns10:SmallEntities2022-06-012023-05-3103565452ns10:AuditExempt-NoAccountantsReport2022-06-012023-05-3103565452ns10:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-3103565452ns10:SmallCompaniesRegimeForAccounts2022-06-012023-05-3103565452ns10:FullAccounts2022-06-012023-05-310356545212022-06-012023-05-3103565452ns10:OrdinaryShareClass12022-06-012023-05-3103565452ns10:OrdinaryShareClass22022-06-012023-05-3103565452ns10:OrdinaryShareClass32022-06-012023-05-3103565452ns10:OrdinaryShareClass332022-06-012023-05-3103565452ns10:Director22022-06-012023-05-3103565452ns10:RegisteredOffice2022-06-012023-05-3103565452ns5:CurrentFinancialInstruments2023-05-3103565452ns5:CurrentFinancialInstruments2022-05-3103565452ns5:Non-currentFinancialInstruments2023-05-3103565452ns5:Non-currentFinancialInstruments2022-05-3103565452ns5:ShareCapital2023-05-3103565452ns5:ShareCapital2022-05-3103565452ns5:RetainedEarningsAccumulatedLosses2023-05-3103565452ns5:RetainedEarningsAccumulatedLosses2022-05-3103565452ns5:NetGoodwill2022-06-012023-05-3103565452ns5:IntangibleAssetsOtherThanGoodwill2022-06-012023-05-3103565452ns5:PlantMachinery2022-06-012023-05-3103565452ns5:FurnitureFittings2022-06-012023-05-3103565452ns5:ComputerEquipment2022-06-012023-05-3103565452ns5:NetGoodwill2022-05-3103565452ns5:NetGoodwill2023-05-3103565452ns5:NetGoodwill2022-05-3103565452ns5:PlantMachinery2022-05-3103565452ns5:FurnitureFittings2022-05-3103565452ns5:ComputerEquipment2022-05-3103565452ns5:PlantMachinery2023-05-3103565452ns5:FurnitureFittings2023-05-3103565452ns5:ComputerEquipment2023-05-3103565452ns5:PlantMachinery2022-05-3103565452ns5:FurnitureFittings2022-05-3103565452ns5:ComputerEquipment2022-05-3103565452ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3103565452ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-05-3103565452ns10:OrdinaryShareClass12023-05-3103565452ns10:OrdinaryShareClass22023-05-3103565452ns10:OrdinaryShareClass32023-05-3103565452ns5:RetainedEarningsAccumulatedLosses2022-05-3103565452ns5:RetainedEarningsAccumulatedLosses2022-06-012023-05-31
REGISTERED NUMBER: 03565452 (England and Wales)














Financial Statements for the Year Ended 31 May 2023

for

Formset Ltd

Formset Ltd (Registered number: 03565452)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Formset Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTORS: Mr S A Hester
Mr T J Hester





REGISTERED OFFICE: Unit 10B
Bushey Hall Road
Watford
Hertfordshire
WD23 2EA





REGISTERED NUMBER: 03565452 (England and Wales)





ACCOUNTANTS: Farrell & Co
1C Amberside
Wood Lane
Hemel Hempstead
Hertfordshire
HP2 4TP

Formset Ltd (Registered number: 03565452)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 100,000 100,000
Tangible assets 6 3,166 2,391
103,166 102,391

CURRENT ASSETS
Stocks 7 5,142 15,250
Debtors 8 35,426 41,452
Cash at bank 19,836 13,711
60,404 70,413
CREDITORS
Amounts falling due within one year 9 32,838 28,337
NET CURRENT ASSETS 27,566 42,076
TOTAL ASSETS LESS CURRENT
LIABILITIES

130,732

144,467

CREDITORS
Amounts falling due after more than one year 10 (29,065 ) (36,824 )

PROVISIONS FOR LIABILITIES (528 ) (365 )
NET ASSETS 101,139 107,278

CAPITAL AND RESERVES
Called up share capital 11 4 3
Retained earnings 12 101,135 107,275
SHAREHOLDERS' FUNDS 101,139 107,278

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Formset Ltd (Registered number: 03565452)

Balance Sheet - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2024 and were signed on its behalf by:





Mr S A Hester - Director


Formset Ltd (Registered number: 03565452)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Formset Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Formset Ltd (Registered number: 03565452)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 100,000
NET BOOK VALUE
At 31 May 2023 100,000
At 31 May 2022 100,000

Formset Ltd (Registered number: 03565452)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 June 2022 13,562 4,407 826 18,795
Additions - - 1,830 1,830
At 31 May 2023 13,562 4,407 2,656 20,625
DEPRECIATION
At 1 June 2022 11,292 4,343 769 16,404
Charge for year 567 16 472 1,055
At 31 May 2023 11,859 4,359 1,241 17,459
NET BOOK VALUE
At 31 May 2023 1,703 48 1,415 3,166
At 31 May 2022 2,270 64 57 2,391

7. STOCKS
31.5.23 31.5.22
£    £   
Stocks 5,142 15,250

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 35,426 41,452

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Taxation and social security 20,934 21,760
Other creditors 11,904 6,577
32,838 28,337

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Bank loans 29,065 36,824

Formset Ltd (Registered number: 03565452)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
2 Ordinary £1 2 2
1 Ordinary B £1 1 1
1 Ordinary C £1 1 -
4 3

The following shares were issued during the year for cash at par :

1 Ordinary C share of £1

12. RESERVES
Retained
earnings
£   

At 1 June 2022 107,275
Profit for the year 21,860
Dividends (28,000 )
At 31 May 2023 101,135